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Capital mobility and costs of adjustment

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  • Albert, Max

Abstract

The paper considers intersectoral capital mobility in the context of investment theory. Convex costs of adjustment explain imperfect mobility of capital between sectors. Stocks of capital are endogenous; the model essentially is a twosector growth model with Keynesian investment functions. The paper analyzes adjustment in a small open economy with balanced and imbalanced trade and adjustment in a closed economy.

Suggested Citation

  • Albert, Max, 1989. "Capital mobility and costs of adjustment," Discussion Papers, Series II 96, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    • Handle: RePEc:zbw:kondp2:96
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    Cited by:

    1. Meckl, Jürgen, 1990. "Dynamic adjustment in open economies," Discussion Papers, Series II 121, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    2. Meckl, Jürgen, 1989. "Investment and sector-specific capital: A dynamic approach to incomplete factor mobility," Discussion Papers, Series II 95, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    3. Albert, Max, 1995. "Expectations and adjustment dynamics in the specific-factors model: Correction and extension," Discussion Papers, Series II 246, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    4. Koch, Karl-Josef, 1991. "Trade, investment and debt in a two-country growth model," Discussion Papers, Series II 146, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    5. Albert, Max & Meckl, Jürgen, 1991. "Expectations and adjustment dynamics in a two-sector model of a small open economy," Discussion Papers, Series II 132, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".

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